International crude oil prices have recorded a massive jump of over 40 percent in just 15 days. This sharp increase is a direct result of the ongoing conflict involving the United States, Israel, and Iran. The war has disrupted the crucial energy supply route through the Strait of Hormuz. As of March 14, 2026, Brent crude is trading above 102 dollars per barrel, creating worries for global energy markets and Asian countries.
How much have oil prices increased?
Data from the past two weeks records a sharp upward trend in global markets. On February 27, before the conflict escalated, crude oil was priced around 73 dollars per barrel. Currently, it has reached approximately 103 dollars per barrel, marking an absolute increase of 30 dollars. During the week, Brent crude even briefly touched between 119 and 126 dollars due to tanker attacks. Experts point out that roughly 20 percent of global oil normally passes through the now-blocked Strait of Hormuz.
What steps are countries taking to control prices?
Governments and international bodies are taking emergency measures to handle the supply gap.
- IEA Action: Member countries agreed to release 400 million barrels of oil from emergency reserves.
- US Move: The US Treasury issued a 30-day license to allow the purchase of stranded Russian oil.
- China Export Halt: China directed its refiners to suspend diesel and gasoline exports to save fuel for domestic use.
- OPEC+ Decision: The group agreed to increase production by 206,000 barrels per day for April.
How does this impact the common man and regional safety?
A continuous rise in crude oil prices usually leads to more expensive petrol and diesel at local fuel stations. Enrich Money CEO Ponmudi R mentioned that the market will remain highly volatile in the coming week. Adding to the tension, recent regional strikes affected fuel tanks in Bahrain and the Jebel Ali port in Dubai. Even though the Strait of Hormuz is almost closed with over 150 vessels anchored outside, an India-flagged tanker managed to exit safely carrying gasoline. Market analysts warn that if prices cross 150 dollars, the world might face a severe economic crisis.
